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Manhattan Apartment Rents Exceed Pre-Pandemic High for the First Time
Manhattan’s net effective median apartment rents rose to $3,392 per month in December, surpassing pre-pandemic levels for the first time and representing the highest figure for December on record, appraisal firm Miller Samuel reported Thursday. The new high-water mark coincides with a 925-basis-point year-over-year decline in vacancies, from 10.95% at year-end 2020 to 1.7% last month.
As another marker of landlords’ improving leverage, the market share of concessions continued falling, down to their lowest share in three and a half years at 25.5%. That’s less than half the share observed in the year-ago period.
“What started as a trickle earlier last year has become like a geyser of demand,” Janna Raskopf, a leading rental broker in Manhattan with Douglas Elliman, told CNBC. “I’ve been doing this for 14 years and it’s absolutely unprecedented.” Miller Samuel prepares its monthly reports for Douglas Elliman.
- ◦Lease
